Now The Real Estate Slump Is Clobbering InsurersBy
The bad news about commercial real estate just keeps coming, and now it's life insurance companies that are being hit. In the first quarter of 1991, a record 4.8% of the $213 billion in commercial mortgage loans held by life insurance companies were delinquent by two months or more, according to a survey by the American Council of Life Insurance. That's up from 3% a year ago and 3.7% at the end of 1990. Indeed, the current delinquency rate has now exceeded the previous high set in 1976.
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